S.L. 545.15 Art. 21Transfer of authorisation.

(1) An authorisation issued by the Regulator under these regulations shall not be validly transferred to any other inter vivos natural or legal person unless:

(a) the transferor informs in writing the Regulator in such form and manner as the Regulator shall prescribe;

(b) the Regulator is satisfied that at least the same conditions as listed in regulation 10 are complied with;

(c) the transfer is subject to the conditions prescribed in the authorisation; and

(d) the Regulator approves in writing the transfer of the authorisation: Provided that the leasing of the authorised facility shall require the issue of a new authorisation in the name of the person leasing the authorised facility.

(2) An authorisation issued by the Regulator under these regulations shall not be validly transmitted to any causa mortis other natural or legal person unless:

(a) the transferee informs in writing the Regulator in such form and manner as the Regulator may prescribe;

(b) the Regulator is satisfied that at least the same conditions as listed in regulation 10 are being complied with;

(c) the transfer is subject to the conditions prescribed in the authorisation; and

(d) the Regulator approves in writing the transfer of the authorisation: Provided that an authorisation issued in terms of these regulations shall be an indivisible right: Provided also that in the event that the Regulator approves the transfer of the authorisation as aforesaid, the transfer shall have retrospective effect from the date of the demise of the decujus.